Policy interest rate
2.25%
Bank of Canada · Sep 17, 2026
Macro desk
Maple Macro
The Canadian macro picture in one place: the Bank of Canada policy rate, the Government of Canada yield curve, CPI, the Canadian dollar and the commodities that move Canadian earnings.
Total CPI, year over year
3.0%
Statistics Canada via BoC · Aug 1, 2026
Real policy rate
-0.75%
Policy rate less total CPI
CAD in US dollars
0.7142
Daily average · Sep 18, 2026
Core measures
The Bank of Canada's preferred measures of underlying inflation. It watches these, not the headline number, when it sets the policy rate.
CPI-trim, year over year
1.9%
Aug 1, 2026
CPI-median, year over year
2.0%
Aug 1, 2026
CPI-common, year over year
2.6%
Aug 1, 2026
Government of Canada yield curve
10 year less 2 year: +0.56% · Sep 17, 2026
2 year
3.27%
3 year
3.36%
5 year
3.54%
7 year
3.63%
10 year
3.83%
Long (30 year)
4.17%
The curve is upward sloping: longer bonds yield more than shorter ones, the normal shape outside of tightening cycles.
Commodities that move Canadian earnings
| Commodity | Price | Change | Unit |
|---|---|---|---|
| Gold | 4424.90 | +0.57% | USD / oz |
| Silver | 67.15 | +1.59% | USD / oz |
| Copper | 6.69 | +0.45% | USD / lb |
| WTI crude | 96.08 | −5.72% | USD / bbl |
| Natural gas (Henry Hub) | 2.91 | +0.38% | USD / MMBtu |
Sources: Bank of Canada Valet · Delayed commodity feed.